the landlord times - valley - june 2013

The Landlord Times and Apartment News sat down with vet-eran apartment bro-ker and investor, Joseph Chaplik to discuss Arizona, Or-

egon and the state of the apartment investment market.

THE LANDLORD TIMES: Give us a brief history of your career. How did you get into the apartment bro-kerage business?

JOSEPH CHAPLIK: Previously I was a Vice President of a telecommu-nication company and started buying apartments when I relocated to Port-land. The level of professionalism by the other brokers was not impressive, so I decided to start my own company. I wanted to provide a higher level of professionalism, integrity and service to the apartment investors, which I thought they deserved. Today we represent close to 1/3 of the trans-actions; more and more clients have been gravitating to our company for our quality care.

TL: You now serve four markets... give a brief state-of-the union on mul-tifamily real estate in your new mar-ket, Phoenix, AZ.

JC: We just opened our newest of-fi ce in the Phoenix market this year and have been making great prog-ress. The cap rates are around 7% and higher for the B and C quality build-ings and locations. The price per unit is signifi cantly lower than other mar-kets, and the vacancy rates are mod-

Springfield has a number of note-worthy transactions for the years of 2009, 2010, 2011, 2012 and 2013. The market correction that occurred in 2008 and 2009 had a significant impact on the number of transactions and the availability of financing for apart-ment acquisitions. However the demand for multifamily properties has been high as the failure of the housing market has driven demand for apartments as a viable choice for housing. Decreasing vacancy factors, increasing rents and high tenant demand has made apartments a pre-ferred investment property. The table below will show brief details of the closed transaction starting in 2009 and ending year to date for 2013.

Multifamily in Springfield, Oregon

Springfield Sold Comps 2009 to 2012

Highlighting the economic strength of the apartment industry in front of Congress, Tom Bozzuto, Chairman and CEO of the Bozzuto Group, represented the National Multi Housing Council (NMHC) and the National Apartment Association (NAA) before a House Energy and Commerce Subcommittee recently.

“The apartment industry is a com-petitive and robust $1.1 trillion industry that helps 35 million renters live in a home that’s right for them. In an environmentally sound way, we help build vibrant communities by offering housing choice, support-ing local small businesses, creating millions of jobs and contributing to the fabric of communities across the country,” said Bozzuto, who is also chairman of NMHC.

It takes at least 300,000 new apart-ments each year to meet demand, but less than half that number was delivered in 2012. Highlighting a $72 million apartment construction proj-ect in Baltimore’s Union Warf, Bozzuto drew the connection between job creation, manufacturing and multifamily development.

$1.1 Trillion Apartment Industry Highlights Multifamily Job Growth

for Congress

Continued on page 8

EUGENE • SALEM • ALBANY • CORVALLIS

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Vol. 17 Issue 6

MONTHLY CIRCULATION TO MORE THAN 5,000 APARTMENT OWNERS, PROPERTY MANAGERS, ON-SITE & MAINTENANCE PERSONNEL

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Hello everyone. The Multifamily NW ACE Awards were held at the Portland Art Museum on the eve-ning of May 16th. It was a wonderful event. There were over 500 attendees present for the dinner and awards ceremony. They watched, encour-aged, and celebrated as seventeen of their colleagues, peers, and loved

ones were honored for their excel-lence in promoting quality rental housing. I would like to congratulate the winners as well as all of the nom-inees. I hope you all realize that your dedication and contributions are admired by your co-workers, fami-lies, friends, and the entire indus-try. I would like to acknowledge the

ACE Committee members on a job well done, and thank the committee chair, Barb Casey of Kennedy Resto-ration, and co-chair, Susan Sands of CTL Management – Thank you both so very much. Your devotion to the ACE Awards, the Association, and the Industry is paramount. One of the hardest things for any Association to do is to continually recruit and foster people to fill the shoes of dedicated volunteers such as Barb and Susan. Multifamily NW is very fortunate to currently have a strong group of vol-unteers but many of those volunteers are the same people that were volun-teering 9 years ago when I became involved with committee work at the Association. We need to get some new blood coming up through the ranks. With this need in mind, I make the

following plea: I ask that those of you holding Managerial positions within the multifamily industry encourage your ACE winners, nominees, and other up and coming star employees to get involved in Multifamily NW. The commitment to volunteer on a committee is little more than one hour per month. The exposure to the committee process, networking, and volunteerism is very valuable for any employee that you wish to help de-velop. Their involvement will help build devotion to you, your company, the Association, and the Multifamily Industry. Please consider it……it can only make us all stronger and better.

2 The LandlordTimes - Valley • June 2013


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Excuse of the Day

"I paid you already. I came to your house and gave the cash to somebody." I live alone. When asked, he

couldn't tell me where I live. Only stutters. Mitch Butler, CA

John Nuzzolese, Landlord Protection Agency 877-984-3572, www.TheLPA.com

erate around 6-8%. For the individual experienced investor, this market has tremendous upside in value with pur-chasing a rougher property and trans-forming it into a stable building.

TL: How about Portland? What is your forecast for the next couple years?

JC: We have been operating in Portland for 9 years and the market is strong. Investors have a high de-mand for rental properties and there is a low supply of buildings. This situa-tion should remain the same well into 2015, and rents should be increasing annually. Vacancy rates are histori-cally low in this area, around 3.5%. Portland and Salem are great areas for apartment ownership due to this dynamic. What we are currently see-ing is developers building new class A apartments with high rents. As the new projects complete, the market will dilute with the renting demand. In select markets, apartment investing will still be a solid choice with good re-turns. As new projects complete and demand higher rents, the class B and C properties will demand increases in rents as well.

TL: If you could give a couple of key pieces of fundamental advice to new or prospective apartment inves-tors, what would they be?

JC: My advice is to make sure that you ask the right questions of anyone that you choose to work with. En-sure that they have experience and are experts in the multifamily indus-try. Buyers buy on returns and sellers sell on price. However, if you are a seller, be realistic with the sale price. If you are told your property is worth an extremely high price and are of-fered lower commission than usual, the broker is probably desperate for deals. Beware of this tactic, and get a second opinion. Brokers often try to buy listings by over-pricing the prop-erty, which only hurts the seller with lost time and a negative marketing impact.

TL: What advice would you give veteran investors?

JC: Most veterans know this, but work with experts and respect qual-ity work and confi dential information from brokers. If you feel that your broker only calls you when he needs you to sell, call other fi rms to build more relationships. A broker/client relationship should be year-round and offer many other services to the client.

TL: What advice would you give to prospective sellers to ready their properties (physically and/or fi nan-cially) for sale?

JC: The best advice I can give is to attend our seminars on this exact topic. You should be communicating with your broker year-round so that

when it’s time to sell, your property is already conditioned for the top of market price.

Joseph Chaplik, PresidentJoseph Bernard Investment Real Estate

(866) [email protected]

Joseph Chaplik is the President of Jo-

seph Bernard Investment Real Estate, an award-winning brokerage fi rm in Oregon, Washington, and Arizona. His company was recently named the 56th Fastest Grow-ing Private Company in Oregon, and has been named a fi nalist for the Oregon Eth-ics in Business Award. Mr. Chaplik has 18 years of executive leadership experience and has been involved with real estate for eleven years.

The LandlordTimes - Valley • June 2013 3


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We value your membership. In order to allocate Rental Owners Association of Lane County resourc-es to provide the most effective assis-tance to you, we would like to know what benefits are of most value to you. On pages 15-20 in our newslet-ter, you will find our 2013 ROA Member Survey. Simply complete the survey, tear out pages 17-20 in our newsletter at the perforations, fold in half, tape where indicated, add a stamp and mail. For the conve-nience of those members who prefer an electronic format, simply go to www.surveymonkey.com/s/laneroa and complete the survey online. Your completed survey will entitle you to an entry in our drawing for a free one-year ROA membership! Please note that if you wish to be entered in the drawing, you must list your name on your survey.

As you’ll read in the Legislative Update on page 21 in our newsletter, we are pleased to let you know that Senate Bill 91A, the Landlord Tenant Coalition “Omnibus” Bill, passed the Oregon Senate and continues to move forward. We’ve continued to

work with Speaker Tina Kotek to identify for her our concerns and suggestions regarding House Bill 2639, the Section 8 “Housing Choice” Bill. Please watch for legislative updates on these and other issues in future bulletins.

As we’ve indicated in the last couple of bulletins, ORHA (Oregon Rental Housing Association) has been working on revising forms to correct inconsistencies and improve usability. Most forms revisions have been released. Our forms committee is in the process of finalizing revi-sions to rental agreements and we expect to have the revised versions in the ROA office by the end of June. Remember: Forms were not revised because of law changes and you may still use the prior edition of each of the forms.

Because of rising costs to us from the state association, we found it nec-essary to increase our forms prices. (You’ll find the forms list on pages 28-29 in our newsletter.) Please note that the ROA office has a limited supply of full pads of the prior (fully compliant) edition of many of the

forms. The office will continue to sell these full pads of 50 at the current price (prior to increase) until our supply is exhausted. Please call the ROA office at 541-485-7368 if you have any questions.

Many thanks to our featured speaker at our April general meet-ing, Pegge McGuire, Executive Director, Fair Housing Council of Oregon as she presented, “Fifty Shades of Fair Housing: Applying Fair Housing Complaint and Testing Data to Improve Your Business Practices.” Pegge walked us through the fair housing testing process and offered advice on how to ensure that we comply with the law in every step of the landlording process. Remember: Mistakes made in fair housing law can cost you thousands of dollars. Please call the Helpline at 541-242-2850 if you have any ques-tions about a fair housing issue. Our Affiliate Spotlight at our April meet-ing was Titanium Legal Services with speaker Desiree Williams and we thank Titanium for their generous raffle item.

We hope to see you on Thursday, June 27th for the ROA Annual Meeting/June General Meeting. During this meeting, you will have the opportunity to elect members to

the ROA Board of Directors. The fol-lowing five current board members have indicated their desire to remain on the board and will be on the offi-cial ballot for a two-year term: Dennis Casady, Cj Mann, Tia Politi, Scott Smith and Jim Straub. Please join us at the ROA Annual Meeting and cast your vote.

Our featured speaker at our June meeting will be Lane County Circuit Court Judge R. Curtis Conover with his presentation, “Making Your Case – A Judicial View.”Judge Conover is a Riverside, California, native who moved to Oregon to attend Lewis & Clark Law School. After joining the state bar in 1988, he worked as a deputy district attorney in Marion and Lane counties before becoming a civil litigation attorney for Liberty Mutual Insurance Co. He has also served as a judge pro tem in the Florence and Cottage Grove munici-pal courts. Our Affiliate Spotlight will be Devin Gates of All Around Town Property Solutions.

We’ll see you on June 27th!

Jim Straub, President

President • Jim Straub Vice President • Michael Steffen Secretary • Scott Smith Treasurer • Pat Costello

205 W. 10th Avenue, Eugene OR 97401 (541) 485-7368 (541) 284-4052 info@

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market conditions change, many leasing

consultants are eager to use rent con-cessions and other incentives to entice people to rent at their commu-nities. Yet even when there are few vacancies, it’s hard to break the habit of readily promoting a “bargain,” rather than the value received for the price. The following concern was recently brought to my attention by a property management company:

Q: My leasing staffs have become so conditioned to using rent conces-sions and other types of incentives at the first sign of an occupancy prob-lem, I think they are actually selling the concessions, rather than the avail-able apartments. Even when we only have a few vacancies, they immedi-ately want to resort to the use of concessions, rather than get creative to sell the value of their product. What can we do to get out of this vicious cycle, especially if this is what our competition is doing?

A: This is a very “sore” subject as concessions are meant to solve the

very problem they create: rent loss. To further add insult to injury, rent concessions and deposit incentives will ultimately devalue a community over time. The rental market goes through cycles, just like everything else. If you teach your employees how to sharpen their leasing skills and offer rewards for NOT using concessions, then you will enable them to “ride out the storms.” You can also network with the competi-tion in your area. If your rents are all approximately the same price per square foot and no one is “giving away the farm,” then everyone will have some “honest” competition. If you lose a prospect to the communi-ty down the road, then find out why and figure out what you can do about it. (i.e. If they have an exercise room and you don’t, maybe you can work out a deal for your residents with a local health club, etc.)

Quality promotions, like open houses, prize drawings, parties, etc., can increase traffic and boost employ-ee morale. However, rent reductions and low move-in costs will ultimate-ly have a negative impact on your

existing residents and compromise the quality of your resident profile. Sure. You might move in MORE people with all the “deals,” but how long can they afford to stay once the rent goes back up? Higher turn-over affects the stability of the “commu-nity” environment you have created, and also increases the “wear and tear” on your apartments. Plus, how will these “shorter term” residents pay to restore the apartment to its original condition on the way out, if they didn’t have to pay a full deposit on the way in? Concessions cannot take the place of skillful leasing. They are merely a “quick fix,” which create problems and challenges of their own. You must invest in quality training and come up with creative incentives to motivate your leasing staffs. In addition, you will have to educate other property management companies in your area on the value of “fair” competition in order to “level the playing field.” This will pay off in higher occupancies and increased revenues for EVERYONE!

Are you dealing with a unique challenge or unusual situation at

your community that you would like to see addressed next month? The Secret Shopper would like to invite you to send in your questions, as other people may be dealing with the same or similar issues. - You will remain as anonymous as the Secret Shopper! Please ASK THE SECRET SHOPPER by making contact via e-mail. Your questions, comments and suggestions are ALWAYS wel-come!

ASK THE SECRET SHOPPER Provided by: Joyce KirbySHOPTALK SERVICE

EVALUATIONSPhone: 425-424-8870

E-mail: [email protected] site: www.shoptalkservice.com

Copyright © Shoptalk Service Evaluations

As

The summer season is coming and that brings the annual chal-lenges of managing and maintaining air conditioning units, along with resident requests for installing air conditioning units. There is still time, this is your year to be proac-tive!

D: Suzy Leaser received a call from a resident on a 100 degree day that their air conditioner was not working. She also mentioned that they were elderly. Suzy explained to the resident that she knows how that goes, the office air conditioner wasn’t working as well and she couldn’t stand it, so she called A1 Air Conditioning service to come fix theirs. Suzy confessed it was hard to work in this heat.

They hadn’t had the air condi-tioners checked out for the year and prior to summer. Suzy assured the elderly resident that her mainte-nance team was working on other more important issues at the moment but would get to their work order when they could.

Suzy, seriously, WHAT WERE YOU THINKING? There are several problems with your response. As a courtesy, and to better anticipate maintenance costs, you ought to have a policy that your maintenance verify that the air conditioning units are in working order prior to the hot weather. The policy avoids the worst case scenario of multiple residents’ air conditioning units out during a heat wave.

Suzy, you have the responsibility to repair or replace an amenity that was original and a part of the lease of the unit. Air conditioning during hot weather is likely to rank as the highest priority to the resident. A resident’s health can be at risk dur-ing a heat wave.

Residents are how our business thrives and we should provide them with exceptional customer service. Remember, they can live anywhere and they chose to live in your com-munity. Making mistakes in priori-tizing repairs can be costly. Local

apartment and rental housing asso-ciations often offer educational opportunities in this market to learn best practices for work orders and efficient management of your prop-erty. Below Zach outlines great prac-t ica l ideas for a l lowing the installation of air conditioners.

Zach, can you share your mainte-nance team perspective and how it relates to the office team?

Z: Sure Dana, first you ought to have a Summer Preventative Main-tenance Schedule (see last month’s article). The maintenance staff should be inspecting and getting the A/C units in order in April or May getting ready for hot summer weather. This preventative approach will indentify which are not work-ing properly and when to order the proper parts or schedule a vendor to repair or replace. Remember that the goal is to be proactive rather than reactive.

With regard to A/C’s in general; if the unit was designed into the building (PTAC) or through the wall unit then onsite staff should be trained to repair and maintain the units. If no A/C’s were included in the original design of the property then a specific A/C protocol needs to be established by the property management company. Here are some things to consider:1. Proper A/C size for the electrical

circuit (6000BTU max for most apartment circuits)

2. Proper unit style for window con-figuration (a top down window A/C will not work in a side slid-ing window)

3. Who will install the A/C unit (vendor or maintenance staff)

4. How will it be installed (bracket, not attached to building)

5. Proper window void coverage (cardboard, plexiglass, plywood)

6. Who will repair it if it breaks?7. Who is responsible if it leaks?8. Who will remove it?9. Who will store it during the off

season (or can it stay up year round)?

Every company will address this complex issue a bit differently. My recommendation is to let outside vendors handle installation and removal in order to decrease the lia-bility of your maintenance staff breaking, dropping or damaging residents A/C units. If you are going to have site staff install and remove then some training should be pro-vided as to how to best perform installation in order to decrease lia-bility to the company and keep the employees safe. Whether you per-form this customer service via on-site staff or vendor have a clear protocol including the above items and clear answers up front so resi-dents and management are all on the same page. Your local apartment association may offer forms to cover this situation.

D & Z would like to give away free class registrations to our readers from Multifamily NW. It is easy to qualify, just send in a funny story of what were you thinking moments

that we can share in our article and you will go into a drawing to win a free class valued at $125 each. The contest will run through the end of June and the winner will be announced in the July issue of The Landlord Times. Send entries to [email protected].

Dana Brown and Zach Howell have been working and training Managers and Maintenance staff in the property management industry for 20 + years. They are excited to give back and share the crazy stories that can only happen in our industry. We would love it if you would share your stories and “WHAT WERE YOU THINKING” moments with us as well as questions that you need answers to. Dana can be reached at: [email protected]. Zach can be reached at: [email protected]

7The LandlordTimes - Valley • June 2013


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By Dana Brown and Zach Howell

What Were You Thinking Moments!DZ&DANA BROWN AND ZACH HOWELL


Market capitalization rates for the above mentioned transactions have remained between 7% to 8% with a high of 10% and a low of 6.79%. The rents in Springfield are slightly lower than Eugene. Market vacancy factor is slightly higher in Springfield than Eugene. At the time this article is being written there are no new apart-ment properties scheduled to be built in the Springfield market. Even with the City of Springfield offering

to waive SDC fees, through June of 2013, for new construction in certain designated areas.

If you would like more specific data on any of the above mentioned transac-tions please contact: Anita Risberg, CCIM at [email protected] or call 503-559-8513, OmniVest LLC, Commercial & Investment Real Estate.


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Trillion ...continued from front page

“This building required enough concrete to fill 240 swimming pools. End-to-end, the lumber used would span about 331 miles and the dry-wall could cover more than 42 foot-ball fields. In addition, we will use 204,000 lbs. of granite, 290,000 bricks, more than 7,000 gallons of paint, 1,700 appliances and 3,500 cabinets,” said Bozzuto. “A significant percent-age of these construction materials were manufactured in America, with more than 25 percent being sourced within 500 miles of the project site.”

“The apartment industry can be a robust economic engine that pro-vides lasting job growth and spend-ing nationwide,” Bozzuto added. “With up to seven million new rent-er households forming this decade—almost half of all new households—

the dollars and jobs we add to the economy will only grow in magni-tude.”

For more than 20 years, the National Apartment Association (NAA) and the National Multi Housing Council (NMHC) have partnered on behalf of America’s apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of 170 NAA state and local affili-ated associations, NAA and NMHC pro-vide a single voice for developers, owners and operators of multifamily rental hous-ing. Apartments and their 35 million resi-dents support more than 25 million jobs and contribute $1.1 trillion to the econo-my. To learn more about apartments, visit www.weareapartments.org.


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